BharatPe cuts EBITDA loss in FY24 by 75%; revenue from operations up 39%
Revenue from operations grew 39% to Rs 1,426 crore, while consolidated loss before tax decreased by 50% to Rs 474 crore. Cash burn dropped by 85% year-on-year.
The BharatPe Group reduced its EBITDA loss before share-based payment expense by 75% to Rs 209 crore in FY24 from Rs 826 crore in the previous financial year.
Revenue from operations grew 39% to Rs. 1,426 crore from Rs 1,029 crore in the previous year. The consolidated loss before tax decreased by 50% from Rs 941 crore to Rs 474 crore, while cash burn dropped by 85% year-on-year.
In its core business areas, BharatPe expanded its average merchant lending portfolio by 40% compared to FY23. It enhanced its payment solutions by introducing Android POS systems for merchants and continued to see strong adoption of its soundbox devices, the company said in the statement.
"We have further strengthened our position as the preferred fintech partner for millions of offline merchants and have seen significant and sustained growth across business verticals during the course of FY24. We continued to stay focused on our mission and enabled credit access for offline merchants and SMEs across the length and breadth of Bharat in FY24,” said Negi.
Calling FY24 a "milestone year" for BharatPe as it turned EBITDA positive in October 2023, Negi said, "We considerably slashed our cash burn in FY24 and are on track to build a sustainable and profitable business. Over the last year, we have been able to partner with renowned financial institutions to extend credit access to merchants, which is a great validation for our business," he added.
Looking ahead, BharatPe plans to focus on growing its lending vertical, launching new products in POS and soundbox, and scaling its consumer business.
The company had appointed Negi, previously the CFO of SBI Card, as its CFO in August 2022. Negi took charge as BharatPe's CEO in April this year.
Edited by Swetha Kannan